The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

BLOOMBERG Walmart Inc is cutting staffing levels at some e-commerce fulfillment centres in the US as the nation’s largest private-sector employer steps up investment in automation. The retailer is working with the affected employees to find other positions at Walmart, according to a company statement. In a regulatory filing, Walmart provided advance notice of the cuts to 201 employees in ...

BLOOMBERG When Eric Martel returned to Bombardier Inc in the spring of 2020, the company was hardly recognisable from the one he’d left five years earlier. Bombardier had just sold its two biggest divisions, which built commercial jets and trains, in a desperate, sell-anything-you-can effort to raise money. A new viral disease called Covid-19 was ripping around the globe, forcing ...

BLOOMBERG UBS Group AG’s emergency buyout of Credit Suisse Group AG threatens to drastically shrink the financing options for small and mid-sized companies, after the demise of a 166-year-old champion of Swiss entrepreneurship. While smaller cantonal lenders and cooperative banks offer a counterbalance to UBS in retail banking and the Swiss mortgage market, Credit Suisse has long been the market ...

BLOOMBERG Bank of America Corp (BofA) is trimming its wealth-management, banking and lending group as higher interest rates continue to crimp business on Wall Street, forcing banks to make broader cuts. Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go, according to people with knowledge ...

BLOOMBERG Deutsche Bank AG is settling a US lawsuit it filed against a pair of offshore feeder funds that backed out of an alleged deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Lawyers for Deutsche Bank and the funds — Kingate Global Fund Ltd and Kingate Euro Fund Ltd — filed ...

BLOOMBERG The Bangko Sentral ng Pilipinas (BSP) has done enough to address inflation and could pause from raising interest rates at the next policy meeting in May, Finance Secretary Benjamin Diokno said. “Contrary to some analysts’ view that the BSP’s Monetary Board could even push its policy interest rate higher than 6.5%, I think that the BSP is leaning towards ...

BLOOMBERG Foreign central banks liquidated Treasury holdings at the fastest clip in nine years and tapped a key Federal Reserve (Fed) facility to raise cash as banking stress roils markets. Fed data show foreign official holdings of Treasury securities fell by $76 billion in the week through March 22 to $2.86 trillion. That’s the largest weekly decline since March 2014. ...

DUBAI / GULF TIME Under the patronage and presence of His Highness Sheikh Maktoum Bin Saeed Al Maktoum, Dubai witnessed a wonderful legend, A thousand nights & night was written with the most beautiful harmony of love and creativity together for the world of luxury jewellery and rare antiques, between the largest name in the world of precious gemstones “Novi ...

BLOOMBERG How much energy does it take to play Xbox? Microsoft Corp is helping developers find out. At the 2023 Game Developers Conference in San Francisco, the company announced a new toolkit for developers to measure real-time energy consumption from Xbox games. The toolkit, which Redmond, Washington-based Microsoft calls the first of its kind in the industry, will allow developers ...

BLOOMBERG Adobe Inc unveiled new image-generating artificial intelligence (AI) tools designed for professionals to use without fear of plagiarising material or creating offensive artwork, addressing a key concern facing such technology. Dubbed Firefly, the tool creates images and text art based on user text prompts, drawing from Adobe’s portfolio of stock media and freely licensed images. It will be made ...